floats today mkt depth looking good

Mantle closes $4m IPO early
9-November-06 by Edited announcement


Perth-based gold and base metals mining company Mantle Mining Corporation has closed its initial placement offer early and fully subscribed, the company announced today.


Mantle Mining Corporation announced today that its IPO has closed successfully and early after reaching its prospectus target of $4 million.


Managing director Stephen de Belle said today that the positive support the Offer had received from brokers and investors had ensured the success of the capital raising both in reaching its $4m target and with a strong spread of shareholders.

"It has been very encouraging to see the strong demand for Mantle Mining stock from both retail and institutional investors which has enabled us to close the Offer within the dates scheduled in the prospectus," Mr de Belle said.

"We are on track to list and commence trading mid-November.

Mantle Mining has assembled a high quality suite of projects largely to the west of the historic mining precincts of Charters Towers, where the Granite castle and Great Britain deposits contain JORC standard inferred resources of 290,000 oz Au. Additionally highly prospective ground covering a six kilometer gold anomalous corridor (with rock chip values to 42gm/t au) along a major structure has been secured in Eastern Victoria.
"Our immediate focus is to bring our existing Queensland gold deposits, Granite Castle and Great Britain, into early production to generate early cash flow, and work to this end has already been initiated" Mr de Belle said.


"The Company considers both projects are amenable to potential short term open cut development of the oxide ore and plans to investigate the use of third party mobile plant and toll milling for initial ore treatment requirements.



"The company has industry experienced directors and a management team with extensive background in resource development and our clear objective is to become a mid-tier gold producer in the near term.



"We welcome to our share register the investors who have recognised the future potential inherent in the Company's portfolio of projects. The strong support and commitment by Cygnet Capital as Lead Manager and Corporate Advisor to the issue has been a great strength in the capital raising process.